Article 421-28-A into force since 27 December 2025

Between one calculation of the net asset value and the next, an AIF or its portfolio asset management company, its investment management company or its AIF manager may determine an indicative net asset value, called the “estimated value”. This shall be equal to the last published net asset value, updated on the basis of the available information, in accordance with the conditions laid down by the rules or the articles of incorporation of the AIF referred to in Article 421-28. The prospectus or the documents aimed at providing information to investors shall stipulate the conditions for publishing this value and warn investors that the value may not be used as a basis for subscriptions or redemptions. Any publication of an estimated value shall include this warning. For the application of this Article to real estate investment companies, forestry investment companies and forestry investment groupings, the notion of "net asset value" shall be replaced by ”reconstitution value", the notions "rules" or "articles of incorporation" shall be replaced by "offering document", and the notion of "subscription/redemption" shall be replaced by the notions of "subscription" and "withdrawal".

When the AIF or its portfolio asset management company, investment management company or AIF manager communicates an estimated value to a unitholder, shareholder, partner or holder of debt securities of the AIF, or to a potential investor, this estimated value shall be communicated to all unitholders, shareholders, partners or holders of debt securities of the AIF.